According to this New York Times report, a lawsuit by a former employee claims that when customers complained of fraudulent activity in their accounts, the bank closed the accounts instead of investigating them.

To compound matters, the bank is also being accused of gouging customers by focusing more on charging higher commissions rather than on recommending what investment strategy is the best fit for their customer.

If these allegations are true, Wells Fargo and their stagecoach should get run out of town!!! This also begs the question of whether this is an industry practice.